Option traders moderately bearish in PayPal (PYPL), with shares down 30c near $61.02. Options volume relatively light with 63k contracts traded and calls leading puts for a put/call ratio of 0.17, compared to a typical level near 0.57. Implied volatility (IV30) is higher by 0.4 points near 31.48,and below the 52wk median, suggesting an expected daily move of $1.21. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Baird.
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